[Mali] Endeavour sells interests in Tabakoto Mine to Algom Resources
31-12-2018 07:12:00 | by: Bob Koigi | hits: 9218 | Tags:

Gold producing company Endeavour Mining has completed the sale of its interest in the non-core Tabakoto mine located in South Western Mali to Algom Resources Limited, a subsidiary of BCM International Ltd.

As part of the transaction, Endeavour will retain its greenfield exploration tenements located over 20km north of the Tabakoto processing plant, on trend with Randgold's Loulo mine. These relate to a portion of the Kofi tenement and the Netekoto tenement. 

Following further discussions, Endeavour and BCM agreed to amend the Tabakoto sale terms. The total sale price consideration has been increased to up to approximately US$70 million compared to the previously disclosed US$60 million upfront cash consideration.

The total consideration is now composed of an upfront cash consideration of US$35 million, which was received today, a deferred cash consideration of US$10 million in 2019, subject to certain conditions, and a 10% net smelter royalty on the Dar Salaam deposit, capped at a maximum of 200,000 ounces of gold.